FOREIGN BANK ACCOUNT REPORT - WHAT IS IT?
Enacted in 2010 and effective as of July 1, 2014, FBAR stands for Foreign Bank Account Report.
The FBAR, along with the FATCA regime, requires US taxpayers to disclose foreign financial assets subject to certain minimum requirements.
The FBAR must be filed by all US taxpayers (citizens, green card holders, and non-immigrant aliens classified as resident under the substantial presence test) with foreign bank accounts, brokerage accounts, funds or foreign account signatory authority, who have an aggregate annual balance greater than $10,000 at any time during the calendar year.
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